Cowen and Company is firm on its estimates and thesis for Pandora Media (NYSE: P) following February listener metrics released earlier in the session.

Analyst John Blackledge commented that listener hours (1.51 billion) and active listeners (75.3 million) were slightly below the firm's estimates of 1.57 billion and 75.8 million, respectively. He noted that the addition of 2 million active listeners will be a positive moving forward.

Blackledge also said that Pandora's decision to discontinue monthly reports metrics was largely a result of Pandora's local measurement service, Triton Digital, recently receiving MRC accreditation, which will allow local radio advertisers to compare P and terrestrial radio operators (measured by Nielsen Audio) on a like to like basis, eliminating advertisers need for monthly listening metrics. Also, the move will likely limit monthly volatility around the release of these listener metrics, in our view.

Given that shares are near all-time highs, some slight pullback is expected.

Cowen has Pandora at Outperform with a price target of $41.

For an analyst ratings summary and ratings history on Pandora click here. For more ratings news on Pandora click here.